On Thursday, Shares of Range Resources Corp. (NYSE:RRC), lost -0.08% to $35.38.
Range Resources Corp., declared that it has signed a definitive sales agreement to sell its Nora assets for a purchase price of $876 million. The properties encompass about 3,500 operated wells and about 460,000 net acres in the Nora/Haysi combined fields located primarily in southwestern Virginia. Third quarter production for the Nora assets was 109 Mmcf per day representing 7.5% of Range’s net production. The sale is planned to close by year-end and is subject to customary closing conditions and purchase price adjustments. The net proceeds will be used to reduce total debt by an predictable 24% and further strengthen the Company’s financial position. The sale is also predictable to reduce direct operating expenses, brokerage natural gas and marketing expenses and general and administrative expenses for 2016.
Commenting, Jeff Ventura, Range’s Chairman, President and CEO, said, “While these are great assets operated by a talented team, bringing the value forward through a sale was the best decision for our shareholders. Using our consistent, return-focused capital allocation process, we will continue to review our portfolio for opportunities to bring value forward where other assets cannot compete for capital in comparison to our 1.6 million stacked-pay acreage position in the Marcellus, Utica and Upper Devonian. We believe that Range can continue to drive down costs, improve capital efficiencies and enhance netback pricing in our core Marcellus areas, all of which should further enhance our results in 2016.”
Range Resources Corporation, an independent natural gas, natural gas liquids (NGLs), and oil company, engages in the acquisition, exploration, and development of natural gas and oil properties in the United States. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and Midcontinent regions.
Shares of American Airlines Group Inc (NASDAQ:AAL), remained flat at $45.60, during its last trading session.
American Airlines will offer new access to Cancun, Mexico - one of Mexico’s most popular destinations - when it adds new service from four U.S. cities in 2016. The new seasonal service to Cancun International Airport (CUN) will operate on Saturdays from Raleigh-Durham International Airport (RDU), Pittsburgh International Airport (PIT), Nashville International Airport (BNA) and Kansas City International Airport (MCI). We expect that customers may start booking flights for these new routes in mid-November once governmental approvals have been obtained, and service will start on March 5, 2016.
“The addition of these four new routes gives our customers 12 locations to fly non-stop to Cancun,” said Art Torno, senior vice president – International and Cargo. “As the premier carrier to Mexico, the Caribbean and Latin America with flights to 85 destinations, these additions highlight our commitment to providing our customers with a network that is second to none.”
American Airlines Group Inc., through its auxiliaries, operates in the airline industry. As of December 31, 2014, the company operated 983 mainline jets, in addition to 566 regional aircrafts through regional airline auxiliaries and third-party regional carriers. It serves 339 destinations in 54 countries.
Finally, Shares of Altria Group Inc (NYSE:MO), ended its last trade with 0.05% gain, and closed at $58.08.
Altria Group, declared its 2015 third-quarter and nine-month business results and reaffirmed its guidance for 2015 full-year adjusted diluted EPS.
“Altria continued to deliver outstanding performance in the third quarter and for the first nine months. Once again, our businesses strengthened their market leadership, with strong income growth and solid retail share gains by the iconic Marlboro and Copenhagen brands,” said Marty Barrington, Altria’s Chairman, Chief Executive Officer and President. “We believe our year-to-date adjusted EPS growth of 11.5% positions us well to deliver on our full-year plans. In addition, we’re happy Anheuser-Busch InBev and SABMiller continue to work together to finalize terms in advance of their possible combination. We see this transaction, and our participation in it as SABMiller’s largest shareholder, as a compelling opportunity to strengthen for our shareholders our position in the global brewing business.”
Altria Group, Inc., through its auxiliaries, manufactures and sells cigarettes, smokeless products, and wine in the United States and internationally. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products